How J.P Morgan affected the Industrial Revolution.

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How J.P Morgan
affected the Industrial
Revolution.
By: Lily, Makena, and Malik
J.P Morgan
• John Pierpont Morgan was born on April 17th, 1837 in
Hartford, Connecticut.
How he affected the
Industrial Revolution
• He started the first big bank with his father, Theodore. It
was called J.S Morgan and co.
Taking over the
bank
• When his father died in 1890, his father left him the
bank, giving him important European connections and
enabling him to run a large foreign reserve business.
• After the civil war he started buying distressed
businesses especially rail road companies. Like the
West Shore, Philadelphia, Reading, Richmond
terminal, Erie, and the New England railroads.
• His process of buying & consolidation of railroads
came to be known as Morganization.
Helping the
Government
• In different occasions J.P Morgan also helped the
government with their finances.
• In 1877 together with August Belmont & Rathschilds,
They gave $260 million in U.S government bonds.
• After the government ran into problems with the gold
rush he bought $200 million dollars worth of
government bonds with gold. Their by keeping the
credit of the U.S.
Troubles with the
law
• He had a congressional hearing in 1912 because some
of his detractors criticized him for the harsh terms of
the loan but he was not convicted for anything.
Deals
• One of the biggest deals he ever made was the forming
of the U.S steal corporation, The first Billion dollar
corporation.
Death
• Once he died on March 31st , 1913 he had an estate
worth$ 80 million dollars. Today that estate is worth
$1.2 billion dollars.
• But Rockefeller said, “ And to think he wasn’t even a
rich man.”
• Yet J.P Morgan’s power did not lie in the millions he
had. It lay in the billions he controlled.